New Delhi, Sep 26: Coal public sector undertakings (PSU) announced a performance-linked reward (PLR) of Rs 1,03,000 each for non-executive workers, an official statement said on Friday.

The reward payment will benefit approximately 2.1 lakh non-executive cadre employees of Coal India Ltd and its subsidiaries, along with around 38,000 non-executive workers at Singareni Collieries Company Ltd (SCCL), according to the statement.

The decision has a financial impact of Rs 2,153.82 crore for Coal India Ltd and Rs 380 crore for SCCL.

The government informed that payments will be credited on a pro rata basis based on attendance. PSUs under the Ministry of Coal announced this reward following the sixth meeting of the standardisation committee of the Joint Bipartite Committee for the Coal Industry.

The coal ministry announced that it aims to recognise the contribution and hard work of non-executive workers across all CIL subsidiaries and SCCL and ensure they are fairly rewarded for their efforts.

The payment of PLR provides a timely boost to the workers and their families during the festive season, it added.

The Performance-Linked Reward underlines the commitment of CIL and the Ministry of Coal to worker welfare, motivation, and recognition of contractor contributions.

By providing the PLR, CIL aims to boost productivity, morale, and job satisfaction among non-executive workers, who play a vital role in the company’s mining operations and thus significantly contribute to shaping an Aatmanirbhar Bharat.

The recent GST reforms have eliminated the Rs 400 per tonne compensation cess previously levied on coal, while the GST rate on coal has been raised from 5 per cent to 18 per cent.

The coal ministry had earlier informed that the overall effect of the reforms, despite the increase in GST rates from 5 per cent to 18 per cent, is a lower tax incidence for final consumers, combined with a correction of the inverted duty structure that releases liquidity, eliminates distortions, and prevents large accounting losses for coal producers.

Mumbai, Sep 26: Brent crude prices have remained steady, trading between $67-$69 per barrel, with no fresh global triggers driving volatility, and India’s Russian oil buying has kept the prices in check, a report showed on Friday.

India, among the biggest importers of crude oil, has reiterated that its top priority is ensuring affordable energy for its citizens.

“The country’s imports currently stand at around 1.50 million barrels per day — a level expected to hold steady — with Russian supplies playing a critical role in keeping costs down,” according to the report by Emkay Wealth Management Ltd, the wealth management arm of Emkay Global Financial Services.

The next big move will hinge on how US sanctions and tariff policies unfold in the coming months, the report mentioned.

China, too, is ramping up Russian oil purchases to meet domestic demand.

The report further stated that with both India and China sourcing heavily from Russia, oil prices are expected to remain range-bound, a trend that comes as a relief to importing nations.

Lower energy costs are particularly significant for India, where they help cushion inflation and stabilise the broader economy.

As energy security moves back into the global spotlight, India’s strategy of securing affordable crude supplies underscores the delicate balance between geopolitical shifts and domestic economic priorities, said the report.

Meanwhile, US Energy Secretary Chris Wright has hailed New Delhi as an “awesome ally” and said he is a “huge fan of India,” while calling for deeper energy cooperation between the two countries.

Addressing a press conference in New York this week, Wright praised the country as a “dynamic society” with a “rapidly growing energy demand.”

“A lot of my early time when I arrived in my position was dealing with India, the world’s largest democracy, an awesome ally of the United States, a fast-growing economy, a truly dynamic society that has rapidly growing energy demand because people are increasing their prosperity, their opportunities. I’m a huge fan of India. We love India,” he added.

His statement comes as Commerce and Industry Minister Piyush Goyal also called for expanding India-US energy trade.

Mumbai, Sep 26: The Indian benchmark indices opened lower on Friday, following US President Donald Trump’s announcement of tariffs on pharma imports and sustained selling by foreign institutional investors.

As of 9.25 am, Sensex was down 388 points, or 0.48 per cent at 80,771 and Nifty was down 119 points, or 0.48 per cent at 24,771.

Shares of Indian and other Asian pharmaceutical companies fell after Trump announced tariffs of up to 100 per cent on imports of branded and patented pharmaceutical drugs, starting October 1, 2025.

Apart from drugs, President Trump announced a 50 per cent duty on imports of kitchen cabinets and bathroom vanities, 30 per cent on upholstered furniture, and 25 per cent on heavy trucks.

America is India’s largest export market for pharmaceutical goods, absorbing 31 per cent of the country’s pharma exports.

Analysts said that India, as an exporter of generic drugs, is unlikely to be affected by Trump’s actions; however, they noted that a sentimental impact on pharmaceutical stocks is likely, since the US President may target generic drugs next.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, dipped by 0.18 and 0.20 per cent, respectively. Cipla, Dr Reddy’s Labs, Titan Company, Asian Paints and Bajaj Finance were among major losers on the Nifty, while gainers were L&T, Hero MotoCorp, Hindalco, Tata Steel and ONGC.

Among sectoral indices, Nifty pharma, the top loser, lost 2.39 per cent. Nifty PSU Bank (down 1.11 per cent) and Nifty Healthcare Index (down 2.20 per cent) were other major losers.

On the technical front, Nifty decisively closed below the 25,000 mark, signalling a growing downside bias. Resistance is now placed around 25,000–25,050, while immediate support is seen near 24,700–24,750 zone.

The US markets ended in the red zone overnight, as Nasdaq dipped 0.50 per cent, the S&P 500 dropped 0.50 per cent, and the Dow lost 0.38 per cent in the last trading session.

All the Asian markets were trading in the red during the morning session. While China’s Shanghai index lost 0.18 per cent, and Shenzhen dropped 0.79 per cent, Japan’s Nikkei declined 0.43 per cent, while Hong Kong’s Hang Seng Index dipped 0.79 per cent. South Korea’s Kospi lost 2.52 per cent.

Market participants said that the global backdrop is turning more challenging as the US economy edges toward stagflation, with growth momentum slowing, unemployment inching higher, and inflation trending upward from its trough.

On Thursday, foreign institutional investors (FIIs) sold equities worth Rs 4,995 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,000 crore.